Novaland H1 2026 Net Profit VND 1.77T, Hits 96% of Annual Target

Overview

Novaland (NVL) announced consolidated net profit of VND 1,772 billion for the first half of 2026, achieving 96% of its annual profit target of VND 1,852 billion. The company’s Q2 2026 net profit reversed to VND 912 billion from a loss in the same period last year, driven by real estate transfer revenue. This marks a significant earnings beat for the HoSE-listed developer, reflecting progress in project handovers and financial restructuring.

Key Facts

• Consolidated net profit for H1 2026: VND 1,772 billion, 96% of the full-year target of VND 1,852 billion.
• Q2 2026 net profit: VND 912 billion, a reversal from a loss in Q2 2025.
• H1 2026 net revenue: VND 5,096 billion; Q2 net revenue: VND 1,509 billion.
• Q2 real estate transfer revenue: VND 1,341 billion; service revenue: VND 168 billion.
• Total assets as of June 30, 2026: VND 258,658 billion; inventory: VND 157,712 billion.
• Issued over 167 million bonus shares in June 2026, raising charter capital to nearly VND 24,021 billion.
• Reached agreement with bondholders to restructure international convertible bonds, extending maturity to July 2028.

What Happened

Novaland announced its Q2 2026 results, showing a strong turnaround. The company reported consolidated net revenue of VND 1,509 billion for the quarter, with real estate transfers contributing VND 1,341 billion. After taxes, net profit reached VND 912 billion, reversing a year-ago loss. For the first half, revenue totaled VND 5,096 billion and net profit VND 1,772 billion.

Management highlighted key operational milestones: Victoria Village in HCMC began handing over apartments in late June, and The Grand Manhattan is scheduled for handover from Q3 2026. At Aqua City, initial land-use certificates were issued to customers, with more expected. NovaWorld Phan Thiet and NovaWorld Ho Tram continue as planned. The company also completed a bonus share issuance and reached a restructuring deal on international convertible bonds, extending maturity to July 2028.

Market Context

Novaland (NVL) trades on HOSE, closing at VND 13,000 on July 30, 2026. The stock has been under pressure amid the real estate sector’s prolonged downturn, but this earnings beat could signal a turning point. The company’s ability to complete 96% of its annual profit target in just six months is notable, especially given the sector’s challenges. The broader Vietnamese real estate market is recovering slowly, with legal and liquidity issues still affecting many developers.

Strategic Significance

This earnings beat demonstrates Novaland’s improving operational execution and financial health. The completion of 96% of the annual profit target early in the year provides a buffer against potential headwinds. The restructuring of international convertible bonds and the successful share issuance strengthen the balance sheet, which is critical for a developer with high inventory levels. The progress on key projects like Aqua City and Victoria Village indicates that legal and construction bottlenecks are being resolved, which could unlock future revenue streams. For long-term investors, this suggests Novaland is on a path to recovery, though the sustainability of this momentum depends on continued project handovers and market demand.

What to Watch

• Q3 2026 earnings release, expected in October 2026, to see if profit momentum continues.
• Handover progress at The Grand Manhattan and further land-use certificates at Aqua City.
• Updates on the restructuring of other debt obligations, including domestic bonds.
• Sales velocity and new bookings at NovaWorld Phan Thiet and NovaWorld Ho Tram.
• Any changes in the legal framework for real estate that could affect project approvals.